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Global Sector Positioning
document IMAGES-007-HOUSE_OVERSIGHT_024207.txt Feb 12, 2013 House Oversight Committee — Epstein Estate Records (Nov 2025)

…es -40 -35 -30 -25 -20 “15 “10 5 +0 +5 +10 +15 +20 225 +30 +35 <= underweight // overweight => Source: Bank of America Merrill Lynch Global Fund Manager Survey, Feb 12, 2013 Net % Overweight Global Utilities u TTY OOM i. i Ti I; } Red circle = ao | ae crossing below 1o under...

see the most uplift in spending from any potentially large fiscal stimulus and
document IMAGES-003-HOUSE_OVERSIGHT_014635.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ice $46.95 P/E (2017) 32.5x % of sell-side rated Buy 14.3% Short interest % of float 10.30% Source: Bloomberg and BofA Merrill Lynch Global Research estimates BankofAmerica <2” 14 Top 10 US Ideas Quarterly | 03 January 2017 Merrill Lynch HOUSE_OVERSIGHT_014635

significant credit issues for the banks as weaker firms (who are clients) will be better
document IMAGES-003-HOUSE_OVERSIGHT_014634.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…rice $74.15 P/E (2017) 20.1x % of sell-side rated Buy 35.3% Short interest % of float 1.75% Source: Bloomberg and BofA Merrill Lynch Global Research estimates Deregulation/Gov't Legislation: 60% of TXN’s sales are exposed to the industrial, automotive, and communications equipm...

2. From a panel discussion last week
document IMAGES-003-HOUSE_OVERSIGHT_014719.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…higher yields) offers the best risk- reward after recent moves. Regards, Amanda Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor, New York, NY 10036 Phone: ii \Vobilc: HOUSE_OVERSIGHT_014719

Chart 55: What would get you more interested in investing in GS stock?
document IMAGES-002-HOUSE_OVERSIGHT_014350.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ting to drive Additional expense backdrop and ability to return improving returns reductions more capital Source: BofA Merrill Lynch Global Research « Management focused the presentation on Marcus, Goldman’s new consumer lending effort. This venture has significant potential wi...

With regard to growth in the energy book management expects balances to stay
document IMAGES-002-HOUSE_OVERSIGHT_014344.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ation in the rest of the prices could lead to an to reserve reversals book elevated level of provisioning Source: BofA Merrill Lynch Global Research = Mortgage growth to continue despite a downshift in activity: Management was optimistic on the outlook for both its mortgage bus...

Table 11: Amazon Estimate Summary
document IMAGES-003-HOUSE_OVERSIGHT_014902.txt Apr 6, 2017 House Oversight Committee — Epstein Estate Records (Nov 2025)

…est. $2.34 $2.86 $10.90 $14.37 Street $2.28 $3.30 $12.60 $18.16 BofAML vs. Street Above Below Below Below Source: BofA Merrill Lynch Global Research estimates, Bloomberg, as of 4/4/2017 Our PO of $1,100 is based on our SOP that values AWS at $127bn or $259 per share and the ret...